President Bola Tinubu has expressed strong dissatisfaction with the state of Nigeria’s financial system during the tenure of suspended Central Bank Governor, Godwin Emefiele. Speaking for the first time about the Emefiele saga, Tinubu addressed Nigerians in the diaspora in Paris, France, highlighting the financial system’s deficiencies and the impact on remittances to impoverished parents.

Tinubu stated, “Then the financial system was rotten. Few people making money and then you yourself, you stopped sending money home to our poor parents. Several windows that is gone now, is gone. The man is in the hands of authorities, something is being done about that, they will sort themselves out.”

Regarding security challenges in the country, Tinubu suggested a possible link to the issues in the financial sector, emphasizing the need to examine all aspects. He assured the diaspora community that his government would strive to create a financial system that works for everyone.

Tinubu pointed out the successful track record of himself and Wale Edun in Lagos state, where they transformed the internally generated revenue from a mere N600 million to over N50 billion per month, leading to the smooth functioning of the state. He expressed confidence that with intelligence and strategic navigation, positive outcomes can be achieved.

President Bola Ahmed Tinubu had previously suspended Central Bank Governor Godwin Emefiele from office with immediate effect. The suspension was attributed to an ongoing investigation and planned reforms in the financial sector, as stated in a statement by Willie Bassey, the Director of Information at the Office of the Secretary to the Government of the Federation.

As a result, Mr. Emefiele has been instructed to hand over the responsibilities of his office to the Deputy Governor (Operations Directorate) who will act as the interim Central Bank Governor during the investigation and implementation of the reforms. Subsequently, the Department of State Services (DSS) detained Emefiele for further investigation.